A month ago many computer-driven investors watched astonished as markets were wracked by a financial tempest, with once-hot stocks tumbling and previously shunned sectors enjoying a revival.
But for Michael Kharitonov, the chief executive of San Francisco-based Voleon Group, the rapid rotation out of momentum stocks that wrongfooted many investors was “boring”.
The $6bn-in-assets hedge fund hardly noticed the brief but dramatic reversal. “We saw nothing,” he says, with a chuckle.
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